The case involves applications related to the insolvency resolution process of Five Core Electronics Ltd. under Section 7 of the IBC, 2016. The applicant alleges fraudulent transactions by the respondents.
Northern ARC Capital Ltd. filed an application against Five Core Electronics Ltd. under Section 7 of the IBC, 2016.
Amarjit Singh Kalra, Surinder Kaur Kalra, and Jagjit Kaur Kalra, the respondents, are members of one family and suspended directors of the Corporate Debtor.
The respondents are presumed to be absconding, and their whereabouts are unknown as of January 23, 2020.
The erstwhile IRP filed an application under section 43 of IBC, 2016, bearing I.A. No. 3804 of 2020, regarding preferential transactions amounting to Rs. 2745.30 Lakhs.
The tribunal found that transactions referred to in the captioned applications were not covered by Section 43 of IBC, 2016 but could be hit by Section 66 of IBC, 2016.
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The case involves applications related to the insolvency resolution process of Five Core Electronics Ltd. under Section 7 of the IBC, 2016. The applicant alleges fraudulent transactions by the respondents.
Northern ARC Capital Ltd. filed an application against Five Core Electronics Ltd. under Section 7 of the IBC, 2016.
Amarjit Singh Kalra, Surinder Kaur Kalra, and Jagjit Kaur Kalra, the respondents, are members of one family and suspended directors of the Corporate Debtor.
The respondents are presumed to be absconding, and their whereabouts are unknown as of January 23, 2020.
The erstwhile IRP filed an application under section 43 of IBC, 2016, bearing I.A. No. 3804 of 2020, regarding preferential transactions amounting to Rs. 2745.30 Lakhs.
The tribunal found that transactions referred to in the captioned applications were not covered by Section 43 of IBC, 2016 but could be hit by Section 66 of IBC, 2016.
…Order was deli…
Hearing is def…